Saving woes stretch retirement outlook - ING Think€¦ · ING International Survey Savings February 2019 5 Look after the pennies and the pounds will look after themselves, as the

ING International Survey Savings February 2019 1

This survey was conducted by Ipsos on behalf of ING

Europe’s savers may fight to meet future money goals

Savings February 2019ING International Survey

Saving woes stretch retirement outlook


Table of contents

3 About the ING International Survey4 Executive summary 5 Infographic

6 Fruits of your labour not so sweet?

› Many fear they won’t be able to afford to retire› When will you retire? Reality may not match expectations› Will you enjoy the same living standard once retired?› “I could go on working perhaps in the gig economy”› “The state should look after us but others have a role”› Two in five expect less back than they paid into a pension

13 Savings can you see a bright future?

› Many in Europe, the USA and Australia have no savings› Two in three with no savings say their income is too low› Living on the edge or just about managing› Most cut their spending but many resort to credit cards› Mobile apps may make it easier to spend, not save› Which tools might help people save or invest more?

20 Contact details

21 Disclaimer


15

1,000

14,695

Austria

Belgium

Czech Republic

France

Germany

Italy

Luxembourg

Netherlands

Poland

Romania

Spain

Turkey

United Kingdom

USA

Australia

About the ING International SurveyThe ING International Survey promotes a better

understanding of how people around the globe

spend, save, invest and feel about money. It is

conducted several times a year, with reports

hosted at www.ezonomics.com/iis.

This online survey was carried out by Ipsos from

17 October to 2 November 2018.

Sampling reflects gender ratios and age

distribution, selecting from pools of possible

respondents furnished by panel providers in

each country. European consumer figures are

an average, weighted to take country

population into account.

countries are compared

in this report.

respondents on average were surveyed in

each, apart from Luxembourg, with 500.

is the total sample size of

this report (2,747 retired;

11,948 non-retired).

The survey


The ING International Survey Savings 2019, the

eighth in an annual series, confirms that 61% of

people living in 13 European countries worry about

having enough money in retirement. Responses are

similar in the USA and Australia.

About half of retirees in Europe tell us that they don’t

continue to enjoy the same standard of living they

had when they were working.

Two in five (39%) of those in Europe who have not

yet retired confirm they expect to get less in

retirement than they paid into their pension.

And more than half (54%) of Europeans who have

not yet retired tell us they expect they’ll need to

continue to earn some money after they’ve officially

stopped working.

Adding to the uncertainty, studies suggest many

may end up retiring earlier than they expect and

not by choice.

Yet many have no savings

Savings are a key way to invest in the future. Yet our

survey reveals that about one in four (27%)

Europeans have no savings at present. Beyond

Europe, the shares are similar in Australia (22%) and

the USA (27%).

Without even a minimal savings buffer, families and

individuals are less able to mitigate unexpected near-

term events, such as car breakdowns or health

emergencies, let alone build funds for retirement.

The typically recommended minimum emergency

buffer is the equivalent of three to six months’ net

pay. But our full data set shows that even among

Europeans who have savings, 42% have no more

than three months’ take-home pay put aside.

And if people cannot save today, how can they save

for retirement?

Forty-two percent with savings have

no more than three months’ take-

home pay put aside. How can they

save for retirement?

Incomes don’t go far enough

Two-thirds (66%) of Europeans who have no savings

tell us they simply don’t earn enough to put anything

aside for the future.

Another 14% in Europe report that unexpected

expenses have eaten away at their earnings, leaving

them with nothing to save.

And around half (51%) tell us their pay sometimes

doesn’t cover the whole period between paydays

forcing many to reduce their spending (sometimes

also using credit cards or another form of borrowing).

It appears that many people are if not quite living

on the edge in budgetary terms barely managing

to keep their heads above water.

Can mobile tech change the game?

If you follow tech trends, you could be forgiven for

thinking mobile tech in particular might help people

manage their money better which is what 71% of

Europeans reported in the ING International Survey

Mobile Banking 2016.

Half of respondents in our Europe sample tell us they

use mobile apps for spending or transferring money.

However, they admit the main impact of this is

simply being able to spend money more often

hardly conducive to boosting long-term savings.

Smaller percentages give answers that suggest using

mobile apps, for example, benefits their long-term

savings or investments.

Many are struggling to save anything at all. So, with

state pension systems in some countries under

strain, it’s important to take a fresh look at how to

meet people’s hopes for the future.

Jessica Exton, behavioural scientist

Fleur Doidge, editor

Many worry about making ends meet now let alone in retirementPeople in Europe, the USA and Australia could be sleepwalking into long-term saving and spending problems

Executive summary


Look after the pennies and the pounds will look after themselves, as the old

saying goes. Saving now means funds have a better chance of adding up over

time, all the way to a happy and secure retirement. However, the ING

International Survey Savings 2019 of nearly 15,000 people in 15 countries

confirms that many people struggle to save today.

Infographic

Can you save enough for retirement?


Fruits of your labour not so sweet?


The question

“I worry about whether I will have enough money in retirement.”Shares of the not yet retired who reply “agree” or “strongly agree”. Other possible answers were “neither

agree nor disagree”, “disagree”, “strongly disagree” or “I don’t know”.


Will many pass on an inheritance?Of Europeans who have not yet retired, 38% tell us they expect to

pass on an inheritance, with the shares highest in Poland (61%) and

Luxembourg (56%). Males (42%) are more likely to say this than

females (34%) as well as those who say they’re “very comfortable”

(57%) or “comfortable” (51%) with the amount they’ve saved.

Many fear they won’t be able to afford to retire

As the chart shows, 61% of Europeans who have not yet retired worry

about having enough money in retirement. The shares are highest in

Spain, France, and Poland.

In our full dataset, those who say they are “uncomfortable” (80%) or

“very uncomfortable” (86%) with the amount they have in savings

today are the most likely to agree with the statement.

Women are also more likely to agree (66%) that they worry about this

than men (56%).

Across the age brackets, shares are relatively low at age 18-24 (57%),

peaking around age 25-34 (64%) and tapering off to 45% by age 65+.

We also explore attitudes towards the role any long-term assets

might have in funding retirement.

In Europe, 35% of those with long-term assets reply “I do not consider

these part of (funding) my retirement” while 27% say simply “I do not

have these”.

62%

59%

69%

67%

66%

65%

65%

62%

60%

58%

58%

57%

56%

55%

40%

61%

USA

Australia

Spain

France

Poland

Romania

Italy

Czech Republic

Belgium

Germany

United Kingdom

Luxembourg

Austria

Turkey

Netherlands

Total Europe

Sample size: 11,948


The question


At what age do you expect to retire? Orange area denotes individual replies around expected retirement age. These were averaged and compared

with the average actual (real) ages at retirement reported in OECD Pensions at a Glance 2017 statistics.

When will you retire? Reality may not match expectations

Nobody can predict the future. At the same time, people typically

focus on the now, making future retirement an abstract concept.

Some may retire later than they expect, with fewer years left in which

to support themselves. Others may retire earlier, before they’ve saved

enough. Reasons might include poor health, age discrimination or a

weak labour market.

In our study, the mean expected age of retirement in Europe is 63.4.

According to Prudential’s “Planning your Retirement: Expect the

Unexpected” 2018 report, just 23% of early retirees in the USA chose

to do this; 46% were forced to retire due to health problems. Retiring

just five years early can reduce retirement income by 36%, the

Prudential report says.

ING Poland economist Karol Pogorzelski notes a pattern to the chart’s

camel-like humps, with single dromedary-type humps reflecting a

single retirement age for both sexes. Twin (Bactrian camel) humps are

countries with different retirement ages for men and women.

The more ambiguous or multiple-hump pattern reflects countries in

transition from this situation to a single official age of retirement.

“Like the three humps in Turkey, UK, Germany and Italy. One reason is

because the retirement age is becoming unisex in some places; the

other is when many retire early,” he says. “The general lesson would

be that people’s expectations about their retirement are adapting to

the regulatory possibilities.”

Expected retirement age; orange area = all individual answers; peaks = most frequent (ING)

Average expected age at retirement (ING)

Years from actual average age of retirement (OECD)(OECD)

reage

Turkey

Luxembourg

Romania

Austria

France

Poland

USA

Belgium

Australia

United Kingdom

Spain

Germany

Czech Republic

Italy

Netherlands

Age (years)


The question


“In retirement I enjoy the same standard of living I had when working / expect to enjoy the same living standard as today”Shares who “disagree” or “strongly disagree” per country. Other possible answers are “strongly agree”,

“agree”, “neither agree nor disagree”, and “I don’t know”.

Will you enjoy the same living standard once retired?

Nearly two in five not-yet-retired Europeans don’t expect to enjoy the

same standard of living when they retire that they have today.

The already-retired in our survey are a small sub-group. But half of the

people in this group confirm they don’t have the same standard of

living they did when working.

For most who say this, the assumption is that their living standards

have declined. Some may have seen their living standards rise.

France shows the largest gap between expectations of those not-yet-

retired and the experience of current retirees.

Our full data set shows that unretired European males (30%) are more

likely to express optimism about their eventual standard of living in

retirement than females (23%).

Across the not-yet-retired age brackets, expectations of achieving a

roughly similar lifestyle as a pensioner are highest among the 65+

bracket (39%).

This group is nearest to the retirement age and presumably better

able to accurately analyse their likely situation, are already adjusting,

or have this front of mind.

Among younger age brackets (31% of 18-24s; 28% of 25-34s; 26% of

35-44s; 22% of 45-54s) decreasing shares of Europeans expect to have

the same standard of living once retired. However, the share rises

again around age 55-64 (25%), hitting 39% among the 65+ group.29%

24%

49%

48%

42%

41%

40%

38%

38%

37%

34%

31%

30%

29%

26%

38%

44%

30%

62%

69%

58%

54%

46%

36%

56%

46%

28%

47%

49%

27%

36%

50%

Australia

USA

Czech Republic

France

Poland

Germany

Belgium

Italy

Turkey

Austria

Luxembourg

Spain

Romania

United Kingdom

Netherlands

Total Europe

Sample size: 2,747 (Retired) 11,948 (Not yet retired)

Retired, disagree: My income and financial position let me enjoy the same standard

of living I had when working

Not yet retired, disagree: My income and financial position will let me enjoy the

same standard of living I enjoy today


The question

“I expect I’ll need to keep earning some money in retirement.”Shares of non-retirees who reply “strongly agree” or “agree”. Other possible answers include “neither agree

nor disagree”, “disagree”, “strongly disagree” or “I don’t know”.


Our data also shows that 58% of Europeans who expect to need to

earn once retired say they’ll take on gig/temporary work, either in a

similar field to current employment (36%) or a different field (23%).

Next is letting property (14%), starting a small business (13%),

selling assets (7%), other (5%), and property development (3%).

“I could go on working perhaps in the gig economy”

Pathways to earning in retirement

More than half of European non-retirees in our survey tell us they

expect they’ll need to earn something in retirement.

Shares who agree with the statement are largest in the Czech

Republic, Romania, and beyond Europe in the USA and Australia.

Only about one in three respondents in the Netherlands and

Luxembourg, on the other hand, agrees he or she will need to earn

some money once retired.

When asked specifically, 63% of European residents in our survey

agree it can be good to keep working, perhaps for social reasons or

improved physical fitness.

But a 2017 Kings College London study of retirees in the United

Kingdom suggests the opposite: that people who keep working may

do so because they’re still healthy or have social advantages, such as

a good network of contacts.

64%

60%

63%

63%

59%

59%

57%

57%

54%

50%

46%

46%

45%

35%

32%

54%

USA

Australia

Czech Republic

Romania

Turkey

Italy

France

Spain

United Kingdom

Poland

Austria

Belgium

Germany

Luxembourg

Netherlands

Total Europe

Sample size: 11,948


The question

How much responsibility should these groups have for the financial situation of retired people?Percentages show amount of responsibility that people in different countries, on average, think each of the

below groups should bear for the situation of retired people.


In our data, 48% in Europe tell us that they plan for retirement in

addition to state, employer, or other contributions, perhaps by

saving or taking out retirement insurance. Yet 47% of Europeans

don’t know the amount contributed to their pension every year. Are

some burying their heads in the sand? In France and Spain, the

shares who say this are at 58% and 57%, respectively.

“The state should look after us but others have a role”

In Europe overall, people tell us they feel the state should retain about

43% of the responsibility for the financial situation of retired people.

Europeans maintain that retirees themselves should bear only about

27% of the responsibility for their finances on average.

This hides some key country differences. In Spain, the Czech Republic

and Italy, people feel the state should have about half the

responsibility.

Brits say individuals should bear 41% of the responsibility for their

financial situation once retired. Australia and the USA also favour

greater individual responsibility.

It’s generally felt in all countries, though, that retirees’ families have

less responsibility for the finances of the retired, even compared to

employers.

Variations reflect cultures, traditions, social infrastructures and

political climates. Yet state pension provisions are under pressure in

many places: do individuals need to play a larger role?

Half plan for extra savings or insurance

28%

22%

52%

50%

49%

47%

45%

44%

44%

43%

43%

42%

37%

35%

31%

43%

44%

46%

24%

25%

20%

25%

28%

28%

29%

25%

23%

25%

27%

33%

41%

27%

16%

18%

16%

14%

20%

18%

17%

22%

17%

21%

22%

18%

20%

23%

17%

19%

7%

8%

6%

8%

7%

5

5

4

5

7%

7%

9%

10%

5

7%

7%

5%

6%

4

4

4

4

4

4

4

5

6%

7%

5

4

5

Australia

USA

Spain

Czech Republic

Italy

Belgium

Germany

Luxembourg

Austria

Poland

France

Romania

Turkey

Netherlands

United Kingdom

Total Europe

Sample size: 14,695

The state Retirees themselves Employers Retirees’ families Other


The question


Which option best describes what you expect in retirement?Asked only to those who have not yet retired. All possible answers shown on the chart.

Two in five expect less back than they paid into a pension

People in many countries see the state as bearing the greatest share

of responsibility for retirees, as the previous page shows.

But there’s an acceptance that the individual should play a role too

for example, via extra personal contributions to funding.

Yet two in five (39%) of those in Europe who have not yet retired say

they expect to receive less money in retirement than they contributed

for that purpose.

Almost one in four (22%) Europeans say, perhaps optimistically, that

they expect to receive in retirement roughly the same amount as

they contributed. In Spain, more than a third (36%) say this.

A few (13%) across Europe indicate they expect to get more money

back than they paid in.

About one in five (18%) replies “I don’t know” which might suggest

they find retirement planning schemes and funds confusing.

It may even mean they have not thought about it. Some may be

avoiding engaging with the subject of how much money they might

have to support them in retirement.

Surprisingly high shares respond that the question “is not relevant”,

especially in the USA, Netherlands, UK and Australia.

Answers given may refer to state or private retirement funding

arrangements.

25%

24%

54%

49%

47%

47%

45%

43%

43%

43%

42%

33%

30%

27%

22%

39%

20%

26%

14%

24%

22%

19%

19%

26%

17%

19%

16%

20%

36%

21%

28%

22%

24%

18%

19%

13%

18%

20%

21%

11%

25%

25%

23%

22%

15%

25%

9%

18%

16%

15%

7%

11%

6%

5%

8%

13%

12%

8%

9%

9%

15%

12%

32%

13%

15%

19%

7%

3

7%

10%

8%

7%

4

6%

10%

17%

5%

15%

8%

8%

Australia

USA

France

Poland

Luxembourg

Italy

Germany

Romania

Czech Republic

Austria

Belgium

Netherlands

Spain

United Kingdom

Turkey

Total Europe

Sample size: 11,948

I expect to receive less money during retirement than I paid in

I expect to receive roughly as much money in retirement as I paid in

I don't know

I expect to receive more money during retirement than I paid in

This is not relevant to me


Savings can you see a bright future?


The question


Does your household have any savings?Shares who reply “no”. Sample excludes the share who reply “prefer not to answer” to the question.

Many in Europe, the USA and Australia have no savings

We continue to find that large shares in every country have no

savings. This year, more than one in four (27%) people in Europe tell us

their household has no funds put aside.

The shares are similar in Australia and the USA.

With no savings, families and individuals exert less control over their

lives both now and in the future. Decision-making may be restricted,

narrowing opportunities throughout life.

People with no savings typically have less choice of where to live, what

healthcare they can afford, and what training or education they or

their children can receive, for example.

European Central Bank (ECB) monetary policy has in recent years kept

interest rates low, reducing the incentive to save.

It gets worse: our full data set shows that 42% of the Europeans who

have savings have no more than three months’ take-home pay put

aside rising to 60% in Turkey and 58% in Romania. The lowest is in

Luxembourg (25%).

Three to six months’ worth of savings is the minimum recommended

size for an emergency buffer to cover unexpected events.

About 5% on average in Europe reply “prefer not to answer”; they

were excluded from the calculation shown on the chart.

27%

13%

17%

20%

24%

24%

24%

26%

27%

29%

30%

31%

33%

39%

22%

27%

Total Europe

Luxembourg

Turkey

Netherlands

Belgium

Czech Republic

Italy

Spain

Poland

France

Austria

United Kingdom

Germany

Romania

Australia

USA

Sample size: 14,009


The question

What is the main reason your household doesn’t have any savings?

Two in three with no savings say their income is too low

We took the 27% in Europe, 27% in the USA and 22% in Australia who

told us their household has no savings and asked them why they are

in this situation.

As the chart shows, two-thirds (66%) of this group across Europe alone

tell us that they simply don’t earn enough to put anything aside.

The share of those who have no savings and say this is because they

don’t earn enough rises to a high of 73% in Belgium, with the UK next

(72%). The USA (65%) and Australia (59%) respond similarly.

This likely reflects low wages in relation to the cost of living in each

country.

Another 14% in Europe report that they have no savings because

unexpected expenses have eaten away at their earnings. This could be

anything from medical expenses to a car breakdown, or even just a

larger than usual utility bill.

About one in ten (12%) Europeans with no savings say this is because

they have spent anything spare on discretionary items.

“Discretionary items” refers to products or services that an individual

chooses to buy, rather than having to, such as relating to leisure

activities or other optional purchases.

Spending decisions are typically made through a process of mentally

prioritising everyday demands and plans according to the need to

stay financially afloat. Future needs, as a result, can sink to the

bottom of the pool.

Asked only to the share who tell us they have no savings. Respondents could select one reason only. All

possible answers shown on the chart.


65%

59%

73%

72%

69%

69%

68%

67%

67%

64%

63%

63%

60%

57%

55%

66%

16%

17%

11%

11%

12%

19%

10%

21%

15%

18%

14%

10%

3

9%

20%

14%

11%

13%

9%

12%

7%

8%

11%

10%

12%

12%

10%

17%

19%

28%

11%

12%

3

7%

3

6%

7%

4

4

4

8%

9%

3

9%

4

6%

4

5

3

7%

4

3

9%

9%

4

6%

4

USA

Australia

Belgium

United Kingdom

Netherlands

Romania

Poland

France

Italy

Spain

Germany

Czech Republic

Luxembourg

Turkey

Austria

Total Europe

Sample size: 3,636

We don’t earn enough to save

We have had some unexpected expenses such as a car breakdown

We sometimes spend what we save, on discretionary things

Other, please specify

Prefer not to answer


The question

Do you ever find yourself running out of money at the end of the pay period?Shares in each country who reply “yes – occasionally” or “yes – most of the time”. Other possible answers

include “no”, “I don’t know”, and “prefer not to answer”.


Not everyone keeps track of spending Our full dataset finds that 9% of Europeans do not track their

everyday spending. When asked why, 40% reply “I never thought

about it”; 16% say they won’t run out; and 15% say they don’t have

time. Some 14% say it makes them “feel bad”, 11% that it’s “too

much effort”: does this stem from feeling out of control when

money is a scarce resource?

Living on the edge or just about managingHigh shares tell us they sometimes run out of money by payday. As

we saw on previous pages, many don’t earn enough to save let

alone cover unexpected expenses.

It’s unlikely that many run out of money because of irresponsible

behaviour. Many may be struggling to keep up, due in part to slow

income growth, as described by the OECD’s Better Life Index 2017.

About 2% reply “prefer not to answer” and 2% “don’t know”.

Maria Ferreira, economist at ING, adds: “Our full data set suggests that

those who review bank statements regularly, perhaps also tracking

spending in other ways, are less likely to run out of money.”

Additional analysis also shows that people in Europe with no savings

are likelier to say they sometimes run out of money by payday (78%)

than those who have some savings (42%).

Those in Europe who say they have no savings because they don’t

earn enough are also more likely to say they sometimes run out of

money (85%) between pays, according to our data.

56%

52%

69%

58%

55%

54%

54%

53%

52%

50%

50%

48%

43%

42%

36%

51%

USA

Australia

Romania

Turkey

Austria

Italy

France

Czech Republic

Belgium

United Kingdom

Netherlands

Spain

Germany

Poland

Luxembourg

Total Europe

Sample size: 14,695


The question

If you run out of money, what do you do?Most cut their spending but many resort to credit cards

On the previous page, we saw that half (51%) of European

respondents run out of money between pay periods, either “most of

the time” or “occasionally”. The latter might happen because of an

unexpected or large one-off bill.

Three-quarters of respondents in Europe respond to the situation in a

straightforward, sensible way by reducing their spending.

In addition, nearly three in ten (28%) tell us they start spending on

their credit card once they’ve run out of pay. The shares who resort to

a credit card are highest in Turkey (59%), Luxembourg (38%) and

Spain (35%).

Credit cards usually have high interest rates, so customers who don’t

pay their whole debt off immediately must pay much more back.

And it can be hard to calculate how large the debt is set to grow

meaning it takes even more time to pay back, and requires even more

day-to-day thought.

When resources are scarce, cognitive overload can be the result. It can

be tough to make good decisions when money or time is tight.

One in five (20%) indicates he or she borrows funds from friends or

family rising to two in five (42%) in Romania.

Borrowing via a source other than credit cards or friends or family was

less common, with just 8% of respondents in Europe indicating they

chose this option to cover a pay gap. Examples might include banks,

payday lenders, credit unions, or even employers.

Shares who replied previously that they run out of money “occasionally” or “most of the time” and their

choice of resolution. All possible answers shown. Multiple selections permitted.


70%

65%

83%

82%

81%

81%

79%

78%

78%

75%

66%

64%

64%

63%

63%

74%

29%

28%

22%

38%

18%

18%

21%

21%

26%

35%

24%

30%

59%

14%

24%

28%

16%

17%

12

8

11

22%

20%

17%

22%

20%

24%

12

31%

12

42%

20%

5

10

4

6

6

6

4

11

5

9

4

16%

8

12

8

7

7

8 5

Australia

USA

Italy

Luxembourg

France

Czech Republic

Austria

Germany

Poland

Spain

United Kingdom

Belgium

Turkey

Netherlands

Romania

Total Europe

Sample size: 7,588

I reduce my spending I use my credit card

I borrow money from friends or family I borrow money from another source

I don’t know Prefer not to answer


The question


What has been the impact of using mobile apps for spending or transferring money?Shares of mobile app users in each country who indicate they use a mobile app for spending or transferring

money – that is, for making payments. Multiple selections permitted.

Mobile apps may make it easier to spend, not save

Seventy-one percent of European users of mobile technology for

banking have previously told us that it helps them manage money

the figure is from our ING International Survey Mobile Banking 2016.

But in 2019 we dug a little deeper. And, when asked, 44% of

Europeans who use mobile apps to spend or transfer money tell us the

impact is that they spend or transfer money more often.

About a third (32%) of those who spend or transfer money by mobile

app say they are now more confident doing so as a result.

Only three in ten (31%) say they “get better performance” as a result

of spending or transferring by app perhaps being able to pay at any

time means fewer payments are missed, for example.

And for many people, the more often they spend, the higher the sums

might be and the harder it can be to save.

One in ten says he or she hasn’t received any of the suggested

benefits from using a mobile app to spend money or transfer funds.

Our full dataset confirms that half of all Europeans indicate they use

mobile apps for spending or transferring money; with 28% saying they

have been doing this for five years or longer.

We also asked about investing by app see the next page for more on

this sub-group.

37%

34%

52%

49%

49%

47%

47%

47%

46%

45%

43%

42%

39%

36%

29%

44%

48%

40%

24%

17%

28%

25%

34%

27%

29%

25%

29%

41%

29%

37%

31%

32%

24%

29%

22%

33%

33%

34%

38%

21%

32%

22%

36%

27%

32%

34%

39%

31%

11%

13%

14%

20%

13%

11%

14%

9%

19%

9%

9%

12%

10%

18%

10%

Australia

USA

Belgium

Luxembourg

Germany

Austria

Turkey

France

Spain

Netherlands

Romania

United Kingdom

Italy

Poland

Czech Republic

Total Europe

Sample size: 7,413

I do this more often

I am more confident in this activity

I get better performance from this activity

None of these


The question


What has been the impact of using mobile apps for making investments?Asked only to the shares of mobile app users in each country who indicate they use a mobile app to make

investments. Multiple selections permitted. Possible answers include “not sure”.

Which tools might help people save or invest more?

Just 21% of those in Europe tell us they use mobile apps for making

investments. We asked this small sub-group about the impact of

investing by mobile app.

Nearly two in five (38%) indicate investing via mobile apps has

boosted their confidence in making investments which could benefit

their savings long term.

One in three replies that he or she gets better performance by

investing with a mobile app. “Better performance” can be interpreted

in many ways, including ease of use, taking less time to invest or

getting a better return on the activity.

Investing can be a way to grow savings longer term, especially when

interest rates remain low. In our full data set, 46% in Europe agree

that investing their savings is a good way to build wealth.

Only half of our European sample agree technology is making it easier

to invest. And just 37% say they are comfortable investing some of

their wealth.

When asked what would be the one thing that would encourage them

to start investing more, 41% say “having more money available”.

Meanwhile, people’s typical focus is on immediate needs. Saving more

is difficult, as previous pages show.

Might new behavioural approaches be developed that help people in

all countries save more, right up to and beyond retirement? This could

help people secure their futures.

30%

20%

42%

41%

40%

40%

39%

37%

35%

31%

31%

30%

27%

25%

23%

35%

41%

50%

19%

42%

32%

37%

31%

29%

38%

36%

33%

42%

32%

36%

47%

38%

25%

27%

26%

28%

26%

37%

26%

29%

29%

36%

25%

30%

38%

38%

30%

33%

12%

13%

35%

11%

11%

15%

10%

11%

9%

17%

11%

10%

11%

12%

8%

USA

Australia

Luxembourg

Germany

France

Turkey

Austria

Romania

Netherlands

Italy

Belgium

Poland

Czech Republic

Spain

United Kingdom

Total Europe

Sample size: 2,690

I do this more often

I am more confident in this activity

I get better performance from this activity

None of these


Country Name Phone number Email

Australia David Breen +61 2 9028 4347 [email protected]

Austria Patrick Herwarth von Bittenfeld +43 168 0005 0181 [email protected]

Belgium Press Office +32 2 547 2484 [email protected]

Czech Republic Martin Tuček +420 2 5747 4364 martin.tuč[email protected]

France Virginie La Regina +33 1 57 22 52 89 [email protected]

Germany Zsofia Köhler +49 69 27 2226 5167 [email protected]

Italy Lucio Rondinelli +39 02 5522 6783 [email protected]

Luxembourg Barbara Daroca +35 2 4499 4390 [email protected]

The Netherlands Marten van Garderen +31 6 3020 1203 [email protected]

Poland Miłosz Gromski +48 22 820 4093 [email protected]

Romania Elena Duculescu +40 73 800 1219 [email protected]

Spain Nacho Rodriguez +34 9 1634 9234 [email protected]

Turkey Hasret Gunes +90 21 2335 1000 [email protected]

United Kingdom Jessica Exton +44 20 7767 6542 [email protected]

Ipsos Nieko Sluis +31 20 607 0707 [email protected]

Contact details


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ING does not represent that it is accurate or complete. The

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